西方石油 (OXY) 2023 Q1 法說會逐字稿

Good afternoon, and welcome to Occidental's First Quarter 2023 Earnings Conference Call. (Operator Instructions) Please note this event is being recorded. I would now like to turn the conference over to Neil Backhouse, Vice print of Investor Relations. Please go ahead.

下午好，歡迎來到西方石油公司 2023 年第一季度收益電話會議。 （操作員說明）請注意正在記錄此事件。我現在想將會議轉交給投資者關係副刊 Neil Backhouse。請繼續。

Thank you, Jason. Good afternoon, everyone, and thank you for participating in Occidental's First Quarter 2023 Conference Call. On the call with us today are Vicki Hollub, President and Chief Executive Officer; Robert Peterson, Senior Vice President and Chief Financial Officer; and Richard Jackson, President, Operations, U.S. Onshore Resources and Carbon Management.

謝謝你，傑森。大家下午好，感謝您參加西方石油公司 2023 年第一季度電話會議。今天與我們通話的有總裁兼首席執行官 Vicki Hollub；羅伯特·彼得森，高級副總裁兼首席財務官；理查德傑克遜，美國陸上資源和碳管理業務總裁。

This afternoon, we will refer to slides available on the Investors section of our website. The presentation includes a cautionary statement on Slide 2 regarding forward-looking statements that will be made on the call this afternoon.

今天下午，我們將參考我們網站“投資者”部分提供的幻燈片。該演示文稿在幻燈片 2 中包含關於將在今天下午的電話會議上作出的前瞻性陳述的警示性聲明。

We'll also reference a few non-GAAP financial measures today. Reconciliations to the nearest corresponding GAAP measure can be found in the schedules to our earnings release and on our website. I'll now turn the call over to Vicki. Vicki, please go ahead.

我們今天還將參考一些非 GAAP 財務指標。可以在我們的收益發佈時間表和我們的網站上找到與最接近的相應 GAAP 衡量標準的對賬。我現在將電話轉給 Vicki。薇琪，請繼續。

Thank you, Neil, and good afternoon, everyone. The operational and financial successes we achieved last year continued into 2023 as I will detail in our first quarter call. Our operational excellence and disciplined approach to capital spending enabled us to meaningfully progress our shareholder return framework. Our continued efforts to strengthen our balance sheet culminated in regaining an investment-grade credit rating from Moody's.

謝謝你，尼爾，大家下午好。我們去年取得的運營和財務成功一直持續到 2023 年，我將在第一季度電話會議中詳細說明。我們卓越的運營和嚴格的資本支出方法使我們能夠有意義地推進我們的股東回報框架。我們不斷努力加強我們的資產負債表，最終重新獲得了穆迪的投資級信用評級。

This afternoon, I will begin by covering our first quarter performance, followed by an update on several accomplishments in our oil and gas business. In light of recent market volatility, I will then go over the cash flow priorities established during our last call and highlight the progress made in transferring enterprise value to our common shareholders. Then Rob will detail the commencement and status of the preferred equity redemption before covering our financial results and guidance, including an increase to full year oil and gas production and an OxyChem pretax earnings.

今天下午，我將首先介紹我們第一季度的業績，然後介紹我們在石油和天然氣業務方面取得的多項成就。鑑於最近的市場波動，我將回顧我們在上次電話會議中確定的現金流優先事項，並強調在將企業價值轉移給我們的普通股東方面取得的進展。然後 Rob 將詳細介紹優先股贖回的開始和狀態，然後再介紹我們的財務業績和指導，包括全年石油和天然氣產量的增加以及 OxyChem 的稅前收益。

Our operational success even in the first quarter's lower commodity price environment enabled us to generate approximately $1.7 billion of free cash flow before working capital. Excess cash was primarily allocated towards approximately $750 million of common share repurchases in the quarter, accounting for over 25% of our $3 billion share repurchase program and triggering the redemption of nearly $650 million of preferred equity.

即使在第一季度商品價格較低的環境中，我們的運營成功也使我們能夠在營運資金之前產生約 17 億美元的自由現金流。過剩現金主要用於本季度約 7.5 億美元的普通股回購，占我們 30 億美元股票回購計劃的 25% 以上，並引發近 6.5 億美元優先股的贖回。

Operationally, we exceeded our production guidance midpoint by approximately 40,000 BOE per day following a prolific first quarter across our premier asset portfolio. In the Gulf of Mexico, we achieved our highest quarterly production in over a decade. This outperformance was partially driven by higher uptime in the Horn Mountain and the outperformance following the successful Caesar-Tonga Subsea system expansion project, which was completed in December.

在運營方面，在我們的主要資產組合的第一季度多產之後，我們每天超過我們的生產指導中點約 40,000 桶油當量。在墨西哥灣，我們實現了十多年來最高的季度產量。這一出色表現的部分原因是 Horn Mountain 的正常運行時間更長，以及凱撒-湯加海底系統擴建項目於 12 月成功完成後的出色表現。

Our Permian production benefited from strong new well performance and higher operability primarily in the Texas Delaware. In the Rockies, strong base and new well performance, and higher operated by other volumes in the DJ Basin resulted in higher-than-expected production. Internationally, our businesses performed well. Most notably, the Al Hosn gas expansion project is ahead of schedule because of the team's ability to integrate expansion work with annual turnarounds. The production ramp-up has commenced earlier than anticipated and has already led to a daily production record. These achievements demonstrate how our high-quality assets and talented teams provide the strongest foundation for free cash flow generation in Oxy's history.

我們的二疊紀生產受益於強大的新井性能和更高的可操作性，主要是在德克薩斯州特拉華州。在落基山脈，強大的基礎和新油井的表現，以及 DJ 盆地其他產量的更高產量導致產量高於預期。在國際上，我們的業務表現良好。最值得注意的是，Al Hosn 天然氣擴建項目提前完成，因為該團隊有能力將擴建工作與年度周轉相結合。產量提升比預期更早開始，並且已經創下了每日產量記錄。這些成就展示了我們的優質資產和才華橫溢的團隊如何為 Oxy 歷史上產生自由現金流提供最堅實的基礎。

Our global oil and gas teams continue to perform exceptionally well in the first quarter, achieving several milestones and accomplishments. Domestically, in our onshore unconventional businesses, we delivered strong well performance and established new operational records in the Rockies and Permian. Our Rockies team drilled the industry's longest DJ Basin well ever at over 25,000 feet in just 8 days. This well also set a new lateral length record for Oxy at over 18,000 feet. In addition, we delivered a single well production record in the DJ Basin by utilizing a new well design. We plan to roll out this enhanced design as we further develop our inventory across the DJ Basin.

我們的全球石油和天然氣團隊在第一季度繼續表現出色，實現了多個里程碑和成就。在國內，在我們的陸上非常規業務中，我們取得了強勁的業績，並在落基山脈和二疊紀創造了新的運營記錄。我們的落基山脈團隊僅用 8 天就在超過 25,000 英尺的高度鑽出了業內最長的 DJ 盆地井。這口井還為 Oxy 創造了超過 18,000 英尺的新橫向長度記錄。此外，我們利用新井設計在 DJ 盆地創造了單井生產記錄。隨著我們進一步開發整個 DJ 盆地的庫存，我們計劃推出這種增強型設計。

In the Permian, our Delaware subsurface teams continued to optimize and unlock inventory, as demonstrated by success in the deeper Wolfcamp horizon, with a single well generating 30-day initial production rate of 6,500 BOE per day and an Oxy record for this interval.

在二疊紀，我們的特拉華州地下團隊繼續優化和解鎖庫存，正如在更深的 Wolfcamp 地層中取得的成功所證明的那樣，單井產生 30 天的初始產量為每天 6,500 桶油當量，並創下了該區間的 Oxy 記錄。

Our Delaware completions team also achieved a continuous pumping time of approximately 28 hours on another set of wells, far exceeding our previous record of about 22.5 hours. We expect that increasing efficiencies such as faster completions pumping will contribute to lower cost and a faster time to market. Though certain products and services utilized in our operations will likely incur price increases this year compared to 2022, we are seeing some early signs of tempered inflation. Our teams are working towards partially offsetting inflation impacts through various operational efficiencies and supply chain competencies. For example, in the Delaware Basin, we've optimized frac designs to reduce assets and water utilization for an average savings of around $240,000 per well. Our Rockies team has successfully integrated artificial intelligence into our (inaudible) program, helping to maximize base production and reduce operating costs.

我們的特拉華完井團隊還在另一組油井上實現了大約 28 小時的連續抽油時間，遠遠超過了我們之前約 22.5 小時的記錄。我們預計，提高效率（例如更快的完井泵送）將有助於降低成本和加快上市時間。儘管與 2022 年相比，我們運營中使用的某些產品和服務今年可能會出現價格上漲，但我們看到了一些通脹緩和的早期跡象。我們的團隊正在努力通過各種運營效率和供應鏈能力來部分抵消通貨膨脹的影響。例如，在特拉華盆地，我們優化了壓裂設計以減少資產和用水，平均每口井節省約 240,000 美元。我們的落基山脈團隊已成功將人工智能整合到我們的（聽不清）計劃中，幫助最大限度地提高基地產量並降低運營成本。

On a broader scale, our supply chain team is continuously pursuing opportunities to manage pricing across our business portfolio through partnerships that thoughtfully balance contractual flexibility with cost management. These capabilities are more important than ever in the current inflationary environment as we strive to continuously deliver value to our shareholders.

在更廣泛的範圍內，我們的供應鏈團隊不斷尋求機會，通過合作夥伴關係來管理我們業務組合中的定價，這些合作夥伴關係在合同靈活性與成本管理之間取得了深思熟慮的平衡。在當前的通貨膨脹環境中，這些能力比以往任何時候都更加重要，因為我們努力不斷為股東創造價值。

With these points in mind, I will now review our 2023 cash flow priorities.

考慮到這些要點，我現在將回顧我們 2023 年的現金流優先事項。

As we discussed last quarter, our 2023 cash flow priorities incorporate a disciplined capital strategy largely agnostic to the short-term volatility exhibited in commodity prices this year. Our 2023 capital plan remains on track and focused on sustaining our high-quality portfolio of assets, while securing our long-term cash flow resilience. We continuously monitor the macroeconomic landscape and intend to maintain our capital plan in the current environment. Should a sustained downturn in commodity prices occur, we possess the flexibility to rapidly reduce activity levels through our short-cycle, low-breakeven projects. We demonstrated our nimble approach during the last global downturn, and we are prepared to do so again should market conditions dictate.

正如我們上個季度所討論的那樣，我們的 2023 年現金流優先事項包含了嚴格的資本策略，該策略在很大程度上不受今年商品價格的短期波動影響。我們的 2023 年資本計劃仍在進行中，重點是維持我們高質量的資產組合，同時確保我們的長期現金流彈性。我們持續監控宏觀經濟形勢，並打算在當前環境下維持我們的資本計劃。如果大宗商品價格持續下滑，我們可以靈活地通過我們的短週期、低盈虧平衡項目迅速降低活動水平。我們在上一次全球經濟低迷期間展示了我們靈活的方法，如果市場條件需要，我們準備再次這樣做。

If oil prices follow an upward trajectory, we do not expect notable changes to our cash flow priorities, though the pace of our share repurchase program and the preferred equity redemption may be accelerated.

如果油價跟隨上升軌跡，我們預計我們的現金流優先事項不會發生顯著變化，儘管我們的股票回購計劃和優先股贖回的步伐可能會加快。

We have previously spoken about how potential future production growth is expected to be in the low single digits. However, we have many opportunities to grow cash flow outside of production growth. We anticipate that the mid-cycle investments we are making this year will result in meaningful contributions to our future cash flow. For example, our new OxyChem projects are expected to contribute $300 million to $400 million in incremental annual EBITDA, with benefits expected to start in late 2023 and full project benefits expected in early 2026.

我們之前已經談到未來潛在的產量增長預計將如何保持在較低的個位數。然而，我們有很多機會在生產增長之外增加現金流。我們預計我們今年進行的中期投資將為我們未來的現金流做出有意義的貢獻。例如，我們新的 OxyChem 項目預計將貢獻 3 億至 4 億美元的年度 EBITDA 增量，收益預計將於 2023 年底開始，預計將於 2026 年初實現全部項目收益。

Additionally, near-term investments in our low-carbon debentures businesses are expected to enable the commercialization of exciting decarbonization technologies with the potential to generate cash flow detached from oil and gas price volatility. We believe that the combination of our low cash flow breakeven, high-return assets and emerging low-carbon businesses uniquely position us at the forefront of our industry to create value for our shareholders.

此外，我們對低碳債券業務的近期投資預計將使激動人心的脫碳技術商業化，並有可能產生不受石油和天然氣價格波動影響的現金流。我們相信，我們的低現金流盈虧平衡、高回報資產和新興低碳業務的結合，使我們處於行業的前沿，為我們的股東創造價值。

Value creation for our common shareholders governs our cash flow priorities. The allocation of excess cash toward debt reduction over the past 2 years was key in positioning us to initiate the next phase of our shareholder return framework. Our balance sheet improvement efforts reduced interest and financing costs, which contributed to an increase in our sustainable and growing dividend and the completion of last year's share repurchase program.

為普通股股東創造價值決定著我們的現金流優先順序。在過去 2 年中，為減少債務而分配的過剩現金是我們啟動下一階段股東回報框架的關鍵。我們改善資產負債表的努力降低了利息和融資成本，這有助於增加我們可持續且不斷增長的股息，並完成了去年的股票回購計劃。

Building on this success, we've already completed over 1/4 of our current share repurchase program, enabling us to trigger the redemption of approximately $650 million of preferred equity in the first quarter.

在此成功的基礎上，我們已經完成了當前股票回購計劃的 1/4 以上，使我們能夠在第一季度觸發約 6.5 億美元優先股的贖回。

As dictated by our 2023 cash flow priorities, we intend to continue allocating excess free cash flow towards share repurchases, which, in turn, may trigger additional preferred equity redemptions. We expect that these measures will be accretive to cash flow on a per share basis. In combination, we believe that these actions will further our goal of continued enterprise value rebalancing for our common shareholders and serve as a catalyst for future common equity appreciation.

根據我們 2023 年現金流優先事項的規定，我們打算繼續將多餘的自由現金流分配給股票回購，這反過來可能會引發額外的優先股贖回。我們預計這些措施將增加每股現金流。結合起來，我們相信這些行動將進一步推動我們為普通股股東實現持續企業價值再平衡的目標，並成為未來普通股增值的催化劑。

I'll now turn the call over to Rob.

我現在將電話轉給 Rob。

Thank you, Vicki, and good afternoon, everyone. I want to begin the day by highlighting our March credit rating upgrade and positive outlook for Moody's Investor Service. Gaining the Moody's investment grade rating is a significant milestone that acknowledges Oxy's recent financial transformation continued redemption of preferred equity, combined with opportunistic debt reduction (inaudible) a compelling developing story that we hope will facilitate future upgrades. The execution of our cash flow priorities over the last several quarters enabled us to begin redeeming the preferred equity. We have redeemed or have given notice redeem approximately $647 million of preferred equity so far this year at a cost of approximately $712 million, including a 10% premium payment of close to $65 million.

謝謝 Vicki，大家下午好。我想通過強調我們 3 月份的信用評級升級和穆迪投資者服務公司的積極前景來開始新的一天。獲得穆迪的投資等級評級是一個重要的里程碑，承認 Oxy 最近的財務轉型持續贖回優先股，結合機會主義債務削減（聽不清）一個令人信服的發展故事，我們希望這將促進未來的升級。我們在過去幾個季度執行的現金流優先事項使我們能夠開始贖回優先股。今年迄今為止，我們已贖回或已發出通知贖回約 6.47 億美元的優先股，成本約為 7.12 億美元，其中包括近 6500 萬美元的 10% 溢價。

To date, we have eliminated approximately $52 million of annual preferred dividend, while also transfer enterprise value to our common shareholders.

迄今為止，我們已經取消了大約 5200 萬美元的年度優先股股息，同時也將企業價值轉移給了我們的普通股股東。

During last quarter's call, we reviewed how the mandatory redemption of preferred equity is triggered when rolling 12-month common shareholder distributions reached a cumulative $4 per share. The preferred stock agreement requires at least a 30-day notice for each redemption. By the end of this week, all $647 million of preferred equity triggered for addition during the first quarter will be fully redeemed. As of May 9, we have distributed $4.57 per share to common shareholders over the rolling 12-month period. We intend to continue repurchasing common shares in part to remain above the $4 trigger per share for as long as we are able.

在上一季度的電話會議中，我們回顧了當連續 12 個月的普通股股東分配累計達到每股 4 美元時，優先股的強制贖回是如何觸發的。優先股協議要求每次贖回至少提前 30 天通知。到本週末，一季度觸發增持的6.47億美元優先股將全部贖回。截至 5 月 9 日，我們已在連續 12 個月期間向普通股股東分配每股 4.57 美元。我們打算繼續回購部分普通股，以盡可能長時間保持在每股 4 美元的觸發價之上。

We recognize that staying above the $4 trigger will become more challenging in the latter half of this year due to the timing and pace of our prior share repurchase program. Our ability to remain above the $4 trigger will be heavily influenced by commodity prices. But even if we fall below the trigger, we plan to continue repurchasing common shares so that the distribution is required to surpass the trigger in future quarters are more evenly spread throughout the year.

我們認識到，由於我們之前的股票回購計劃的時間和步伐，在今年下半年保持在 4 美元的觸發點上方將變得更具挑戰性。我們保持在 4 美元觸發點上方的能力將在很大程度上受到商品價格的影響。但即使我們跌破觸發點，我們計劃繼續回購普通股，以便在未來幾個季度超過觸發點的分配在全年更均勻地分佈。

During a period where we may be below the $4 trigger, we may also seek to retire debt opportunistically, which would achieve a similar result of transferred enterprise value to common shareholders and further enhancing our credit profile.

在我們可能低於 4 美元觸發點的時期內，我們也可能尋求機會性地償還債務，這將實現將企業價值轉移給普通股股東並進一步提高我們的信用狀況的類似結果。

Turning now to our first quarter results. We posted an adjusted profit of $1.09 per diluted share and a reported profit of $1 per diluted share. The difference between our adjusted and reported profit for the quarter was primarily driven by the premium paid to redeem the preferred equity.

現在轉向我們的第一季度業績。我們公佈的調整後每股攤薄利潤為 1.09 美元，報告的每股攤薄利潤為 1 美元。本季度調整後利潤與報告利潤之間的差異主要是由為贖回優先股而支付的溢價造成的。

We concluded the first quarter with nearly $1.2 billion of unrestricted cash, but had not yet made payments to preferred equity holder as of March 31 due to the 30-day redemption notice requirement. However, the first quarter call on the preferred equity is reflected in our balance sheet as an accrued liability and will be captured in future cash flow statements as payments to the preferred equity holder made.

我們以近 12 億美元的非限制性現金結束了第一季度，但由於 30 天贖回通知要求，截至 3 月 31 日尚未向優先股持有人付款。然而，第一季度對優先股的呼籲在我們的資產負債表中反映為應計負債，並將在未來的現金流量表中作為支付給優先股持有人的款項記錄。

During the first quarter, we generated approximately $1.7 billion of free cash flow before working capital, which was accomplished despite a lower commodity price environment as compared to prior quarter, lower domestic [oil utilization] (inaudible) and lower sales and production due to the quarter-end timing of cargo [lifting] to Algeria. We experienced a modestly negative working capital change during the period, which is typical for the first quarter, and was primarily driven by a similar annual (inaudible) payments on our debt, annual property tax payments and payments under compensation and pension plans. These items, which are largely classified as accounts payable and accrued liabilities were partially offset by a net decrease in receivables, driven by lower commodity prices.

在第一季度，我們產生了約 17 億美元的營運資金前自由現金流，儘管與上一季度相比商品價格環境較低，國內[石油利用率]較低（聽不清）以及銷售額和產量較低，但由於貨物 [起重] 到阿爾及利亞的季度末時間。在此期間，我們經歷了適度的負營運資本變化，這在第一季度很常見，主要是由類似的年度（聽不見）債務付款、年度財產稅付款以及補償和養老金計劃付款推動的。這些項目主要歸類為應付賬款和應計負債，但由於大宗商品價格下跌，應收賬款淨減少部分抵消了這些項目。

We see the potential for working capital partly reverse in the second quarter since many of these payments are made annually in the first quarter, but accrued throughout the year. As discussed in the last call, we expect to be a full U.S. federal cash taxpayer in 2023, which is reflected in our financials by the reduced deferred income tax provision and our cash flow statement compared to prior quarters.

我們認為第二季度營運資金的潛力可能會部分逆轉，因為其中許多付款是每年第一季度支付的，但全年都會累積。正如在上次電話會議中討論的那樣，我們預計到 2023 年將成為美國聯邦現金納稅人，這反映在我們的財務狀況中，與前幾個季度相比，遞延所得稅撥備和現金流量表有所減少。

We are pleased to update our full year guidance for oil and gas in OxyChem as a result of excellent first quarter performance in both businesses. Vicki reviewed many of the highlights in our oil and gas business that contributed to our production outperformance across our high-quality assets portfolio. These factors enabled us to surpass our first quarter guidance and some are expected to continue having positive impact on production throughout the year. Specifically, the acceleration of the Al Hosn gas expansion project and new well performance in our domestic onshore businesses are expected to yield higher production than originally planned. These positive results provided us with the confidence to increase our full year production guidance midpoint to 1.195 million BOE per day.

由於這兩項業務在第一季度的出色表現，我們很高興更新我們對 OxyChem 石油和天然氣的全年指導。 Vicki 回顧了我們石油和天然氣業務中的許多亮點，這些亮點有助於我們在高質量資產組合中的產量表現出色。這些因素使我們能夠超越我們第一季度的指導，其中一些因素預計將繼續對全年的生產產生積極影響。具體而言，Al Hosn 天然氣擴建項目的加速推進和我們國內陸上業務的新油井表現預計將產生高於原計劃的產量。這些積極的結果使我們有信心將全年生產指導中點提高到每天 119.5 萬桶油當量。

Looking ahead, we anticipate that the second quarter production will be in the lowest of the year, primarily driven by the timing of domestic onshore activity and optimization of our maintenance schedule to reduce planned downtime in the Gulf of Mexico. As discussed on our last call, we expected that the first quarter of 2023, will have the fewest wells come online in our U.S. onshore business all year. This proved to be the case as the Rockies and Permian unconventional businesses turned 6 and 53 wells to production, respectively, in the first quarter.

展望未來，我們預計第二季度的產量將是今年最低的，這主要是由於國內陸上活動的時間安排和我們優化維護計劃以減少墨西哥灣的計劃停機時間所推動的。正如我們在上次電話會議上所討論的那樣，我們預計 2023 年第一季度將是我們美國陸上業務全年上線的油井最少。事實證明，落基山脈和二疊紀非常規業務在第一季度分別有 6 口和 53 口井投產。

In the second quarter, we expect to turn significantly higher number of wells on production the benefits of which will be fully realized in the second half of the year. (inaudible) timing fluctuations are bringing wells online, and the resulting production impact are typically and primarily driven by the optimization of resources and pad development timing.

二季度，我們預計轉產井數將大幅增加，其效益將在下半年充分體現。 （聽不清）時間波動使油井上線，由此產生的生產影響通常主要由資源優化和平台開發時間驅動。

Internationally, we expect production compared to prior first quarter -- we expect higher production compared to the first quarter as our annual scheduled turnarounds were completed and production at Al Hosn is ramping up. Increased international production will be slightly offset by the just finalized Algeria production sharing contract, which decreases reported production but is not expected to have a material impact on operating cash flow. We anticipate that our second quarter oil mix will reduce to approximately 52%. The lower oil production in the Gulf of Mexico and Algeria, compounded by increased gas production at Al Hosn. While our oil mix will be lower in the second quarter, we expect that it will rebound in the second half of the year and be more in line with our full year guidance once maintenance in the Gulf of Mexico is complete.

在國際上，我們預計產量將高於第一季度——我們預計產量將高於第一季度，因為我們的年度計劃周轉已經完成，Al Hosn 的產量正在增加。國際產量的增加將被剛剛完成的阿爾及利亞產量分成合同略微抵消，該合同減少了報告的產量，但預計不會對經營現金流產生重大影響。我們預計我們第二季度的石油組合將減少至約 52%。墨西哥灣和阿爾及利亞的石油產量下降，Al Hosn 的天然氣產量增加。雖然我們的石油組合在第二季度會降低，但我們預計它會在今年下半年反彈，並且一旦墨西哥灣的維護工作完成後將更符合我們的全年指導。

Maintenance work and the associated lower volumes in the second quarter will also contribute to a domestic price operating cost increase of $9.85 per BOE before [receiving] on a BOE basis in the latter half of the year.

第二季度的維護工作和相關的較低產量也將導致國內價格運營成本增加 9.85 美元/BOE，然後在下半年按 BOE 為基礎[接收]。

In summary, our impressive first quarter production and activity plans for the remainder of the year provide us with the confidence to raise full year production guidance despite anticipated reduced production levels in the second quarter. OxyChem approximated guidance in the first quarter. Due to the seasonality of customers' chlorovinyl inventory orders, we anticipate the first half of the year reflects stronger results in the latter half of 2023. Despite macroeconomic uncertainty, margins for OxyChem's chlorovinyl products remain robust, and lead us to expect another year of strong results, providing us with the confidence to raise OxyChem's 2023 pretax income guidance midpoint to $1.5 billion.

總而言之，我們令人印象深刻的第一季度生產和今年剩餘時間的活動計劃使我們有信心提高全年生產指導，儘管預計第二季度的生產水平會下降。 OxyChem 在第一季度接近指導。由於客戶氯乙烯庫存訂單的季節性，我們預計上半年將反映出 2023 年下半年的強勁業績。儘管宏觀經濟存在不確定性，但 OxyChem 的氯乙烯產品的利潤率仍然強勁，並使我們預計又是一年的強勁表現結果，使我們有信心將 OxyChem 的 2023 年稅前收入指導中點提高到 15 億美元。

Midstream and marketing generated pretax income of $35 million in the first quarter, following within our guidance range. First quarter results were primarily impacted by the timing of crude oil sales as well as favorable gas margins due to transportation capacity optimization in the marketing business. These items were partially offset by lower equity method investment from income from West.

中游和市場營銷在第一季度產生了 3500 萬美元的稅前收入，符合我們的指導範圍。第一季度業績主要受到原油銷售時間以及營銷業務運輸能力優化帶來的有利天然氣利潤率的影響。這些項目被 West 收入中較低的權益法投資部分抵消。

Capital spending in the quarter approximately $1.5 billion and close to 25% of our 2023 capital plan, which remains at $5.4 billion to $6.2 billion. We expect higher capital spending in the second quarter compared to the first due to development timing in Rockies and Permian and advancement of the OxyChem battleground modernization and expansion project. We also anticipate that capital spending in the third and fourth quarters will be below the second quarter and in line with full year guidance.

本季度的資本支出約為 15 億美元，接近我們 2023 年資本計劃的 25%，該計劃仍保持在 54 億美元至 62 億美元之間。由於落基山脈和二疊紀的開發時機以及 OxyChem 戰場現代化和擴建項目的推進，我們預計第二季度的資本支出將高於第一季度。我們還預計第三季度和第四季度的資本支出將低於第二季度，並符合全年指引。

Overall, the first quarter represents an excellent start to 2023. As we look ahead in the rest of the year, we are favorably positioned to execute on our cash flow priorities and advance our shareholder return framework. We aim to continue shifting our capital structure in favor of our common shareholders in the near and long-term.

總體而言，第一季度是 2023 年的一個良好開端。展望今年剩餘時間，我們處於有利地位，可以執行我們的現金流優先事項並推進我們的股東回報框架。我們的目標是在短期和長期內繼續調整我們的資本結構，以有利於我們的普通股股東。

I will now turn the call back over to Vicki.

我現在將把電話轉回給 Vicki。

Thank you, Rob. We're now ready for your questions.

謝謝你，羅布。我們現在準備好回答您的問題了。

(Operator Instructions) Our first question comes from Neal Dingmann from Truist Securities.

（操作員說明）我們的第一個問題來自 Truist Securities 的 Neal Dingmann。

My question is, it seems like certainly in the Permian and other areas, you're having very nice and remarkable efficiencies and then there's a potential for OFS potential softness we've heard about. I'm just wondering if you get the benefits of both those things. Would you continue with the plan you have -- basically with those savings, would you just take those free cash flow and call that back into the buybacks at all? Or would you continue with maybe more growth?

我的問題是，似乎肯定在二疊紀和其他地區，你有非常好的和顯著的效率，然後我們聽說過 OFS 潛在的軟性的潛力。我只是想知道您是否從這兩件事中受益。你會繼續你的計劃嗎——基本上是用這些儲蓄，你會把這些自由現金流拿回來回購嗎？或者你會繼續增長嗎？

No, we would -- any incremental cash flow that we can generate from whatever sources would go to share repurchases and, hopefully -- and beyond that, the redemption of the preferred along with it.

不，我們會——我們可以從任何來源產生的任何增量現金流都將用於股票回購，並且希望——除此之外，還有優先股的贖回。

Okay. Great to hear. And then just secondly, DJ activity, it sounds like you're going to be really -- you didn't have as many in the first quarter as expected, and that's really going to take off. Maybe could you just comment on as far as well pads, and just I guess the 2 questions I had in the DJ. On permitting, I think you're fine there I just wanted to double check that. And then secondly, just on pad size at all, expectations are you doing anything different there on the completion side.

好的。很高興聽到。其次，DJ 活動，聽起來你真的 - 第一季度沒有預期的那麼多，這真的會起飛。也許你能就打擊墊發表評論嗎，我猜我在 DJ 那裡遇到的兩個問題。在允許的情況下，我認為你在那裡很好，我只是想仔細檢查一下。然後其次，只是在焊盤尺寸上，期望你在完成方面做任何不同的事情。

Yes. I'll pass this to Richard.

是的。我會把這個轉交給理查德。

Neil, appreciate it. Yes, a really good quarter and out looking well for our Rockies team. So I appreciate really the good pieces that they're putting together, maybe just connect a couple of things. I think 1 thing we saw in the first quarter that is playing through all year is very strong base production performance. A lot of that is really strong wells that they brought on at the end of last year that were new wells or wedge that are now turned into base. But in addition to that, they've been able to continue to optimize their production system. The most meaningful thing they've done, they've introduced gas lift earlier in a lot of these wells and even on some of the legacy base performance, which has really gave us a boost. We did quite a few of those in the first quarter. We'll do less in the second quarter. So we won't see quite as much of that bump. But that's been helpful on the base side.

尼爾，感激不盡。是的，一個非常好的季度，對我們的落基山脈隊來說看起來很好。所以我真的很欣賞他們放在一起的好作品，也許只是連接了幾件事。我認為我們在第一季度看到的一件貫穿全年的事情是非常強勁的基礎生產性能。其中很多是他們在去年年底帶來的非常堅固的油井，這些油井是現在變成基地的新井或楔形井。但除此之外，他們還能夠繼續優化他們的生產系統。他們所做的最有意義的事情是，他們更早地在許多這些油井中引入了氣舉，甚至在一些遺留的基礎性能上也引入了氣舉，這確實給了我們提振。我們在第一季度做了很多這樣的事情。我們將在第二季度做得更少。所以我們不會看到那麼多的顛簸。但這對基礎方面很有幫助。

On the new well performance side, I mean, obviously, we're happy to see we included this peak 24-hour record for this (inaudible) sea well. And I'd say that's fundamentally a good thing to see out of our new well performance in the Rockies. We've been able to continue to down space in certain areas, similar to how we do our development in the Permian. So in many areas where there might have been 18 wells per section, we're down to 12. We've been able to increase our profit concentration to couple with that down spacing, and have been able to increase that about 30%. And then just the efficiency of really the frac and then turning that online, we're continuing to reduce, not only the time to market as we traditionally talk about it, but 1 that the team there has been very focused on, which is a time to peak production. And so being very thoughtful about how we're building this operational ramp in for the rest of the year.

在新井性能方面，我的意思是，很明顯，我們很高興看到我們為這口（聽不清）海井記錄了 24 小時的峰值記錄。我想說，從我們在落基山脈的新油井表現來看，這從根本上說是一件好事。我們已經能夠繼續縮小某些區域的空間，類似於我們在二疊紀進行開發的方式。因此，在許多每個部分可能有 18 口井的地區，我們減少到了 12 口。我們已經能夠提高我們的利潤集中度以配合向下間距，並且能夠將其增加約 30%。然後只是真正壓裂的效率，然後將其在線化，我們正在繼續減少，不僅是我們傳統上談論的上市時間，而且 1 那裡的團隊一直非常關注，這是一個生產高峰時間。因此，對於我們如何在今年餘下的時間裡建立這個運營坡道，我們要深思熟慮。

But I guess, last couple of points, as you said, we had 6 wells delivered in the first quarter, that was per plan. Really, the second quarter through the end of the year, we anticipate 20 to 30 wells per quarter kind of fit that total year outlook. So definitely, picking back up on that in terms of well delivery. So bottom line, if you look at the first half and the second half, as we communicated on the last call, we expected some decline just through really the cycle of underinvestment as we picked up activity in the second half of last year. That we'll be able to then turn to growth for the second half of the year, and both of those are looking better than original plan. So very pleased with the team there.

但我想，最後幾點，正如你所說，我們在第一季度交付了 6 口井，這是按計劃進行的。實際上，到今年年底的第二季度，我們預計每季度有 20 到 30 口井符合全年展望。所以肯定地，在油井交付方面重新考慮這一點。所以最重要的是，如果你看看上半年和下半年，正如我們在上次電話會議上所傳達的那樣，我們預計隨著我們在去年下半年恢復活動，真正通過投資不足的周期會出現一些下降。然後我們能夠在今年下半年轉向增長，這兩者看起來都比原計劃好。對那裡的團隊非常滿意。

Our next question comes from Neil Mehta from Goldman Sachs.

我們的下一個問題來自高盛的 Neil Mehta。

The first question is more of a short-term question and then the second is around low carbon. I just -- in the quarter, it looked like price realizations were a little bit soft. And so some of that, it sounds like, was just around turnarounds on the refining side. But can you just talk about that and clarify as it did drive some delta versus consensus?

第一個問題更像是一個短期問題，然後第二個問題是關於低碳的。我只是——在本季度，價格實現似乎有點疲軟。因此，其中一些聽起來像是煉油方面的轉機。但是你能談談這個並澄清它確實推動了一些三角洲與共識嗎？

Well, Neil, I think there were 3 key components of that. First of all, looking at the calendar month average roll in terms of the NYMEX price. We've seen the market switch really from backwardation to contango at the end of March impacted realizations by about $1.50 per barrel. So starting there across the domestic portfolio. Following that, in terms of the Gulf of Mexico, it had an amazing quarter. But at the same time, there were refineries on the Gulf Coast that had turnarounds going on. And so moving from the fourth quarter to the first quarter, realizations dropped against WTI by about $3.50 per barrel.

好吧，尼爾，我認為其中有 3 個關鍵組成部分。首先，根據 NYMEX 價格查看日曆月的平均滾動。我們已經看到市場在 3 月底確實從現貨溢價轉向期貨溢價，影響了每桶約 1.50 美元的實現。因此，從整個國內投資組合開始。此後，就墨西哥灣而言，它有一個驚人的季度。但與此同時，墨西哥灣沿岸的煉油廠正在扭虧為盈。因此，從第四季度到第一季度，WTI 的實現價格每桶下降了約 3.50 美元。

Additionally, there was an outage in the DJ Basin as well, third-party outage, which caused realizations there to drop by about $1 a barrel. So as those components altogether, that really impacted oil realizations.

此外，DJ 盆地也出現了第三方中斷，導致那裡的實現價格每桶下跌約 1 美元。因此，作為所有這些組件，這確實影響了石油的實現。

That's really helpful. And then if you could give an update on the low-carbon business as you progress towards [DAC1], what is what's the latest in terms of the development? And then your thoughts on the voluntary market as well as that can help to bring the project closer to the money?

這真的很有幫助。然後，如果您可以在 [DAC1] 的進展過程中提供有關低碳業務的最新信息，那麼最新的發展情況是什麼？然後你對自願市場的想法以及它可以幫助使項目更接近金錢？

I'll start with, we had a very exciting groundbreaking -- official groundbreaking finally on the low carbon venture business, DAC1, that we'll be building in the Permian Basin. It's already under construction. The work started at the end of the last quarter. We had an official naming at the groundbreaking. It's now called [Stratos]. And currently moving along very well, and we're really excited about it and excited about where the teams are headed with it. And do you want to talk about the carbon market?

首先，我們有一個非常激動人心的破土動工——我們將在二疊紀盆地建設的低碳風險投資業務 DAC1 終於正式破土動工。它已經在建設中。這項工作於上個季度末開始。我們在奠基儀式上有了一個正式的命名。它現在被稱為[Stratos]。目前進展順利，我們對此感到非常興奮，並對團隊的發展方向感到興奮。你想談談碳市場嗎？

Yes, sure. And maybe just to add broadly on a couple of other updates on kind of the low carbon progress, like Vicki said, obviously, moving with DAC1 and Permian then continue to progress our sequestration hubs in the Gulf Coast, continue to move forward kind of with the subsurface understanding or the work that we're doing there. Really, the big piece of that, we've submitted 2 more Class 6 wells in our hubs there and then 2 more for -- to support our Permian operations so to continue to do that. In the King Ranch area, we're making plans to drill what we call 3 stratigraphic kind of test wells that'll go in front of the Class 6 submissions there. So continue to do really that upfront work to kind of prepare for development, both from the point source side and the DAC side in both those areas.

是的，當然。也許只是廣泛地添加一些關於低碳進展的其他更新，就像 Vicki 說的那樣，顯然，與 DAC1 和二疊紀一起移動，然後繼續推進我們在墨西哥灣沿岸的封存中心，繼續向前推進地下理解或我們在那裡所做的工作。真的，其中很大一部分，我們在那裡的中心提交了 2 口 6 級井，然後又提交了 2 口用於支持我們的二疊紀作業，以便繼續這樣做。在 King Ranch 地區，我們正在計劃鑽探我們稱之為 3 層地層類型的測試井，這些測試井將位於 6 級提交之前。因此，請繼續真正做好前期工作，為這兩個領域的點源端和 DAC 端的開發做準備。

In terms of the market, continue to see the voluntary market strong or growing for our CDR sales. I think we'll anticipate having some updates on that over the next few months, getting close to some meaningful things there. But I think a lot of that is really turning to the compliance market as well as really globally as we've talked about, things around heavy-duty transportation and specifically airlines have continued to sort of form up, I'd say, sustainable aviation fuels especially in Europe, have continued to recognize kind of these carbon removals as part of that portfolio of solution. So we're seeing some policy form in addition to what we see in the U.S. with the IRA to kind of help support that. So the voluntary market is in front of that. We appreciate working with some strong partners there that understand the role of carbon removals, understand the emergence of these compliance markets.

在市場方面，繼續看到我們的 CDR 銷售的自願市場強勁或增長。我想我們會在接下來的幾個月裡對此進行一些更新，在那裡接近一些有意義的事情。但我認為其中很多確實正在轉向合規市場以及我們所討論的全球範圍內，圍繞重型運輸的事情，特別是航空公司一直在繼續形成，我想說，可持續航空燃料，尤其是在歐洲，一直將這些碳去除視為該解決方案組合的一部分。因此，除了我們在美國看到的 IRA 之外，我們還看到了一些政策形式來幫助支持這一點。所以自願市場就在前面。我們很高興與那裡的一些強大的合作夥伴合作，他們了解碳清除的作用，了解這些合規市場的出現。

And so they're really doing their part to help us catalyze this technology, bring this cost down, while we fit that long-term compliance market need. So more updates, I think, we hope to give later this year as that makes more progress, but certainly fitting within the ranges and the expectations we have on the revenue side for our DAC projects.

因此，他們確實在儘自己的一份力量來幫助我們催化這項技術，降低成本，同時滿足長期合規市場的需求。因此，我認為，我們希望在今年晚些時候提供更多更新，因為這會取得更多進展，但肯定符合我們對 DAC 項目收入方面的範圍和期望。

Our next question comes from Doug Leggate from Bank of America.

我們的下一個問題來自美國銀行的 Doug Leggate。

I guess I've got a couple of follow-ups because this -- I mean watching your share price reaction last night to the earnings, the market obviously saw something it didn't like. And it struck me at least that a lot of the people who cover you didn't cover Anadarko and perhaps don't remember the seasonality of Gulf of Mexico maintenance. So I wonder if you could just take a minute to explain how you're running that business as it relates to the seasonality of production?

我想我有一些跟進，因為這——我的意思是看你昨晚對收益的股價反應，市場顯然看到了它不喜歡的東西。至少讓我印象深刻的是，很多報導你的人都沒有報導阿納達科，也許不記得墨西哥灣維護的季節性。所以我想知道您是否可以花一點時間解釋一下您是如何經營與生產季節性相關的業務的？

Yes. Thank you, Doug, for bringing that up. And yes, you're right. I think that, that's not very well understood. What's happened with us now in terms of our forecast for Gulf of Mexico is, I want to make sure everybody realizes. This is pretty typical. What's different for this year is that we had such an incredible first quarter. And the reason that we had such an incredible first quarter is because, first of all, we had the lowest downtime that we've had in a while. It was a very, very, very good performance, operating performance by the teams in the first quarter in Gulf of Mexico. Secondly, we had the Caesar-Tonga Subsea system [excellence] or expansion system come online. So from Caesar-Tonga, we had an incremental increase of a gross 15,000 barrel per day from that project. So our Q1 was really propped up by some good performance, lower downtime and the transfer of what would have been the Horn Mountain maintenance in first quarter to second quarter.

是的。 Doug，謝謝你提出這個問題。是的，你是對的。我認為，這不是很好理解。就我們對墨西哥灣的預測而言，我們現在發生的事情是，我想確保每個人都意識到。這是很典型的。今年的不同之處在於我們有如此令人難以置信的第一季度。我們第一季度表現如此出色的原因是，首先，我們的停機時間是一段時間以來最短的。這是一個非常、非常、非常好的表現，球隊在第一季度在墨西哥灣的運營表現。其次，我們讓凱撒-湯加海底系統 [卓越] 或擴展系統上線。因此，從凱撒-湯加，我們每天從該項目中增加了 15,000 桶。因此，我們的第一季度真的得到了一些良好的表現、更少的停機時間以及將第一季度的 Horn Mountain 維護轉移到第二季度的支持。

The reason we moved that from first quarter to second quarter was just some supply chain issues in getting the materials we needed from the supplier. So this would have looked like any normal year if we had our -- been able to do the maintenance as we had planned to do. Now I think what's gotten people concerned is going from [171] to such a lower number in the second quarter. But Horn Mountain is 1 of the biggest producers that we have offshore. So doing that maintenance in a given quarter is impactful. And along with that, we have another couple of maintenance projects on the schedule along with some well work that we want to do. So the full year still looks really good. We were at 144,000 barrels a day. So that hasn't changed. It's just the timing and how it looks much, much lumpier than we're used to and that others are used to. And again, it's because of the bigger maintenance that wasn't done in Q1 that will be done in Q2, along with much higher production than we -- than people are used to seeing. So thanks for the question. And...

我們將其從第一季度移至第二季度的原因只是在從供應商處獲取所需材料方面的一些供應鏈問題。因此，如果我們能夠按照我們的計劃進行維護，那麼這看起來就像任何正常的一年。現在我認為讓人們擔心的是第二季度從 [171] 下降到如此低的數字。但 Horn Mountain 是我們在海外擁有的最大生產商之一。因此，在給定的季度進行維護是有影響的。除此之外，我們還有另外幾個維護項目以及我們想要做的一些油井工作。所以全年看起來仍然非常好。我們的日產量為 144,000 桶。所以這沒有改變。這只是時間和它看起來比我們習慣的和其他人習慣的要多得多。再一次，這是因為第一季度沒有完成的更大的維護將在第二季度完成，同時產量比我們高得多——比人們習慣看到的要高得多。所以謝謝你的問題。和...

Yes. I appreciate the clarification, Vicki, because it remarkable that, that would seem to be the primary focus of discussions after the result last night, and I just thought it'd be worth reminding everyone that legacy Anadarko that was entirely normal. So thank you for the clarification. My follow-up is really, I guess, it's a Rob question. But you mentioned inflation, Rob, or at least I think Vicki did in her remarks that things might be rolling over a little bit. But your CapEx guidance is still quite wide. So I wonder if you could just give us a tip of the hat as to where you see the trend going?

是的。我感謝 Vicki 的澄清，因為這很了不起，這似乎是昨晚結果後討論的主要焦點，我只是認為值得提醒大家，阿納達科的遺產是完全正常的。所以謝謝你的澄清。我想我的後續行動真的是 Rob 的問題。但是你提到了通貨膨脹，Rob，或者至少我認為 Vicki 在她的評論中提到了事情可能會有所緩解。但是您的資本支出指導範圍仍然很廣。所以我想知道你是否可以告訴我們你看到趨勢的方向？

Should we be starting to think that you've got a chance of coming in towards the lower end of that range? Or is that more activity led? Or was it more -- had you already baked in a reasonable amount of inflation that might not now happen?

我們是否應該開始認為您有機會進入該範圍的低端？或者是更多的活動被引導？或者它是否更多——你是否已經接受了現在可能不會發生的合理數量的通貨膨脹？

I think as a discussion in Vicki's comments, and I heard also from Richard, is that we are seeing things sort of plateauing at this point. Some pieces are rolling over. There's still a fair amount of wage inflation pressures in the Permian that we are still seeing. So I wouldn't say we're ready to committed to the fact that things are going to roll over and decline for the balance of the year so we've maintained that guidance. As Vicki commented on the earlier question that if we are fortunate enough to have things fall off, and it allows us to continue the same level of activity for a lower cost, we would roll that back into additional share repurchases in the balance of the year. And then Richard probably has some additional comments.

我認為作為 Vicki 評論中的討論，我也從 Richard 那裡聽到，我們看到事情在這一點上趨於平穩。有些碎片正在翻滾。我們仍然看到，二疊紀仍然存在相當大的工資通脹壓力。因此，我不會說我們已經準備好接受這樣一個事實，即在今年餘下的時間裡，事情將會翻滾和下降，所以我們一直保持著這一指導方針。正如 Vicki 在之前的問題上評論的那樣，如果我們足夠幸運，情況有所好轉，並且它允許我們以更低的成本繼續相同水平的活動，我們將在今年餘下時間將其回滾到額外的股票回購中.然後理查德可能還有一些補充意見。

Yes. I would -- that's perfect, Rob. I just was going to add one. I'd say the other element we factor in is continued efficiency improvement. So Doug, ramping up last year, getting started this year kind of hitting steady state with our rigs and our frac cores. We do expect continued efficiencies. I mean we highlighted on the singular wells of these records, but it's really in total, we're anticipating some improvement in the second half of the year. So we leave a little bit of room on that. where the burn rate just gets a little faster as we gain in efficiency.

是的。我願意——太好了，羅伯。我剛想加一個。我想說我們考慮的另一個因素是持續提高效率。所以道格去年開始增加，今年開始使用我們的鑽井平台和我們的壓裂岩心達到穩定狀態。我們確實期望持續的效率。我的意思是我們強調了這些記錄的奇異井，但它真的是總的來說，我們預計今年下半年會有一些改善。所以我們在這方面留了一點空間。隨著我們提高效率，燃燒速度會變得更快。

Our next question comes from John Royall from JPMorgan.

我們的下一個問題來自摩根大通的 John Royall。

So my first question is on chemicals. You were in line in 1Q, but you raised your full year guide. So you're seeing something that's giving you more confidence in the remainder of the year, but it does feel like there should still be some challenges to the housing market. So just looking for some color on the guidance raised in chems so early in the year and what appears to be an uncertain environment?

所以我的第一個問題是關於化學品的。您在 1 季度符合要求，但提高了全年指南。所以你看到一些事情讓你對今年剩餘時間更有信心，但確實感覺房地產市場應該仍然存在一些挑戰。因此，只是想看看今年年初在化學領域提出的指導方針的一些顏色，以及什麼似乎是一個不確定的環境？

Yes, John, I think you've characterized it actually pretty well in your question. So if you look at domestic PVC demand through the first quarter compared to last year, it's down about 18% year-over-year. However, what we've seen is the export business has picked up that slack in the first quarter as it's up almost 80% year-over-year. So we end up with a combined demand for PVC that's up about 2.5%, 2.7% for the country versus last year. And that driving on that softness in domestic demand, as we discussed on prior calls, is really being driven by [valving] construction sector. We still believe that inventories remain low for many PVC buyers as we're entering sort of the heart of construction season. But no doubt, there's encouraging macro conditions between inflation, mortgage rates and regional bank issues have converters a little more reluctant to build what would be typical inventories for this time of the year for construction.

是的，約翰，我認為你在你的問題中已經很好地描述了它。因此，如果你看看第一季度與去年相比的國內 PVC 需求，它同比下降了約 18%。然而，我們看到的是，出口業務在第一季度已經彌補了這一疲軟，同比增長近 80%。因此，我們最終對 PVC 的綜合需求增長了約 2.5%，與去年相比，該國增長了 2.7%。正如我們在之前的電話會議上所討論的那樣，推動國內需求疲軟的因素實際上是由 [valving] 建築業推動的。我們仍然相信許多 PVC 買家的庫存仍然很低，因為我們正在進入建設季節的核心。但毫無疑問，通貨膨脹、抵押貸款利率和區域銀行問題之間存在令人鼓舞的宏觀條件，使加工商更不願意建立一年中這個時候典型的建築庫存。

So our guidance reflects that continued uncertainty and the trajectory of the global business, both in the domestic business. We still firmly believe there's a lot of pent-up demand for construction, but they're just cautious with the macro conditions. I would say, however, that the lower energy prices in terms of gas prices resulting in lower ethylene prices also does create the opportunity for some margin in the business that might still be present and stickier at even at these lower demand levels. That's part of the raise.

因此，我們的指引反映了國內業務中持續的不確定性和全球業務的軌跡。我們仍然堅信有很多被壓抑的建築需求，但他們只是對宏觀環境持謹慎態度。然而，我要說的是，天然氣價格較低的能源價格導致乙烯價格較低，這也確實為企業創造了一些利潤率的機會，即使在這些較低的需求水平下，這些利潤率可能仍然存在並且更具粘性。這是加薪的一部分。

I would say on the caustic side of the business, we're seeing this sort of balanced along type conditions. General manufacturing is certainly off from prior year, particularly automotive remains subdued. So domestic demand is similar to last year, but availability is certainly higher than it was before. And so we're seeing that result in some price erosion continually in the caustic side of the business. So we're still assuming that the unwinding of inventories in Europe take the balance into the middle of the year and then the Chinese economy continues to open slowly. If either one of those happen more rapidly, that would certainly be favorable to the business. So that increase in guidance really reflects some optimism around things kind of reaching a stability point at least the next quarter or so and then the preserving some of the margins with the lower feedstock costs.

我想說的是，在業務的苛刻方面，我們看到了這種類型條件的平衡。一般製造業肯定比上一年有所下降，尤其是汽車業仍然低迷。所以國內需求與去年相似，但供應量肯定比以前高。因此，我們看到這導致業務的腐蝕性方面不斷出現價格下跌。因此，我們仍然假設歐洲庫存的減少將平衡帶入年中，然後中國經濟繼續緩慢開放。如果其中任何一個發生得更快，那肯定對企業有利。因此，指導的增加確實反映了人們對至少在下個季度左右達到穩定點的樂觀情緒，然後以較低的原料成本保留部分利潤率。

Great. And then my next question is on the paydown of the preferred. You gave some color on the downside case and if you end up going below $4 a share LTM. Is there a commodity price where you think you might expect to pull back on the buyback and go below that $4 a share? And just assuming we stay above it, is that $700 million-ish run rate, including the premium a good go-forward click to think about?

偉大的。然後我的下一個問題是關於首選的回報。你在不利情況下給出了一些顏色，如果你最終低於每股 4 美元 LTM。是否存在您認為您可能期望撤回回購併低於每股 4 美元的商品價格？假設我們保持在它之上，那麼 7 億美元左右的運行率，包括溢價，是一個值得考慮的好前瞻性點擊嗎？

I would say it's just based on the cash available. We're going to use the free cash that we have to continue to buy shares and to trigger the preferred as we can do that. But -- and we're monitoring that. We have an outlook on that. So we're being pretty thoughtful around what the rest of the year might look like.

我會說這只是基於可用現金。我們將使用我們必須繼續購買股票的自由現金，並儘可能地觸發優先股。但是 - 我們正在監視它。我們對此有看法。因此，我們正在考慮今年餘下時間的情況。

Yes, it's certainly because of the concentration of share program last year, this year is lumpier, and it makes it more challenging in Q3. I think we've talked on an annualized basis we would probably want oil prices in the $75 range to be able to continually stay above the trigger point. But as Vicki made her comments earlier, our intention would be is even as we fall below the $4, that as part of our shareholder return program is continuing to buyback stock. And so even if we fall below the $4, our intention is to continue to return value to shareholders through buybacks.

是的，這肯定是因為去年的股票計劃比較集中，今年比較多，這使得第三季度更具挑戰性。我認為我們已經按年率進行了討論，我們可能希望 75 美元範圍內的油價能夠持續保持在觸發點之上。但正如 Vicki 早些時候發表的評論，我們的意圖是，即使我們跌破 4 美元，作為我們股東回報計劃的一部分，我們仍將繼續回購股票。因此，即使我們跌破 4 美元，我們的意圖是繼續通過回購向股東回報價值。

Our next question comes from Paul Cheng from Scotiabank.

我們的下一個問題來自豐業銀行的 Paul Cheng。

Rob, just want to go back into the budget. What's the underlying inflation that you included in your regional budget? And have you -- I suppose that you didn't really build in into any deflationary in the second half? And how much is your service and raw material for this year will be subject to the spot prices if we do see deflationary? That's the first question.

Rob，只想回到預算中。您在區域預算中包含的潛在通貨膨脹率是多少？你有沒有——我想你在下半年並沒有真正進入任何通貨緊縮？如果我們確實看到通貨緊縮，您今年的服務和原材料將受到現貨價格的影響是多少？這是第一個問題。

And second question is that, I think, in the prepared remarks, talk about on the DJ Basin that for the remaining of the year. The well come on stream will be pretty variable each quarter. How about in the Permian?

第二個問題是，我認為，在準備好的發言中，談論今年剩餘時間的 DJ 盆地。每個季度投產的油井變化很大。在二疊紀呢？

Paul, let me -- I'll try to start on both of those. In terms of really inflation, when we look year-on-year, we are around 15%. This is domestic in the U.S. Of course, internationally, we didn't see near that. But in the U.S., looking at around 15%. We had plans that were embedded in our budget to offset about [5] of that through operational efficiencies. So we're generally on target for both. Let me deconstruct kind of the second half and then a few of the bigger components. So the second half of the year, we are seeing some things soften. When you think about OCTG, obviously, power costs and fuel, some of the labor components, those are types of things that we see as potential.

保羅，讓我——我會嘗試從這兩個方面開始。就真正的通貨膨脹而言，當我們與去年同期相比時，我們大約是 15%。這是美國國內的情況。當然，在國際上，我們沒有看到。但在美國，這一比例約為 15%。我們的預算中包含了一些計劃，可以通過提高運營效率來抵消其中的 [5]。所以我們通常都針對這兩個目標。讓我解構下半部分，然後解構一些更大的組成部分。所以今年下半年，我們看到一些事情有所緩和。當你想到 OCTG 時，顯然，電力成本和燃料，一些勞動力組成部分，這些都是我們認為有潛力的東西。

We also have quite a few of our rigs and frac cores that are up, and so we'll be exposed a little bit either way there, though, like we talk about, we have longer-term relationships and we're able to balance kind of that long-term with short-term pricing with our service partners on that front. So the big areas we're looking for is continuing to kind of watch the OCTG market. We'll see what rigs and fracs do this year. Obviously, we're steady, but we'll see what the rest of the market has to do.

我們也有相當多的鑽井平台和壓裂岩心已經啟動，所以無論哪種方式，我們都會暴露一點，不過，就像我們談論的那樣，我們有更長期的關係，我們能夠平衡在這方面與我們的服務合作夥伴進行長期和短期定價。因此，我們正在尋找的大領域正在繼續關注 OCTG 市場。我們將看看今年鑽井平台和壓裂的作用。顯然，我們是穩定的，但我們將看看其他市場必須做什麼。

And then probably the other point that we would watch or that would impact us is sand. We're using more regional sand even in the Rockies. There's some different sand choices, but our primary supplier there continues to be in front in the Permian, and so we're seeing some opportunity on that. So at this point, we're not looking to change our outlook or kind of change the way we're thinking about the budget, but we did want to note those are the key variables that we're watching that will impact us.

然後可能我們會觀察或影響我們的另一個點是沙子。即使在落基山脈，我們也使用更多的區域性沙子。有一些不同的沙子選擇，但我們在那裡的主要供應商仍然在二疊紀處於領先地位，因此我們在這方面看到了一些機會。所以在這一點上，我們不打算改變我們的前景或改變我們考慮預算的方式，但我們確實想指出這些是我們正在觀察的會影響我們的關鍵變量。

And then in terms of the Permian, similar sort of well count type change, not quite as drastic as what we're seeing in the DJ. But we had 56 wells online in the first quarter. We'll see that kind of hit more steady state of around [100, 110]. And really, what happened, just to give a little bit more color, as Rob kind of said in his prepared remarks, a lot around development sequencing. So if you think about the ramp-up and then going into the fourth quarter, where you're exposed to weather, we had pads with smaller well count. And so we did that to really derisk kind of the production in the fourth quarter, and really it was production in the first quarter.

然後就二疊紀而言，類似的井計數類型變化，並不像我們在 DJ 中看到的那樣劇烈。但是我們在第一季度有 56 口井在線。我們會看到那種在 [100, 110] 附近更穩定的狀態。真的，發生了什麼，只是為了提供更多顏色，正如羅佈在他準備好的發言中所說的那樣，很多都是圍繞開發順序進行的。因此，如果您考慮增產然後進入第四季度，在那裡您會受到天氣的影響，我們的墊子數量較少。所以我們這樣做是為了真正降低第四季度生產的風險，實際上是第一季度的生產。

As we started in the first quarter, many of our well pads, Midland Basin, Delaware Basin, they've gone north of 10 kind of wells per pad. So you have a lot more (inaudible) that's better from a value standpoint, but it does change kind of that sequencing of production online. But we do see -- while the well count was low and the kind of residual DUC count grew for us in the first quarter, we expect to hit steady state really on both of those as we go into the second quarter and definitely in the second half of the year. So hopefully, that helps a little bit there.

當我們在第一季度開始時，我們的許多井場、米德蘭盆地、特拉華盆地，每個井場都有 10 口井向北。所以從價值的角度來看，你有更多（聽不清）更好，但它確實改變了在線生產的順序。但我們確實看到了——雖然第一季度的油井數量很少，而且我們的剩餘 DUC 數量有所增加，但我們預計在進入第二季度時，這兩個方面都會真正達到穩定狀態，而且肯定會在第二季度達到穩定狀態半年。所以希望這對那裡有所幫助。

Our next question comes from Leo Mariani from ROTH MKM.

我們的下一個問題來自 ROTH MKM 的 Leo Mariani。

I just wanted to follow up a little bit more on the low carbon venture business here. I guess recently, it came out that you guys invested kind of more money into net power here. And I just wanted to maybe get some color around kind of what the sort of confidence is in that business? And why putting the incremental money there?

我只是想跟進這裡的低碳風險業務。我想最近，你們在這裡投入了更多的錢到網絡力量上。我只是想了解一下對該行業的信心是什麼？為什麼要把增量資金放在那裡？

And then sticking on low carbon ventures, I just wanted to see if there was any maybe update on sort of funding for the DACs here at this point in time. Are you all having really detailed conversations out there? Or do you think there could be something that gets done here in '23 in the funding?

然後堅持低碳企業，我只是想看看此時是否有任何關於 DAC 資金的更新。你們都在那裡進行了非常詳細的對話嗎？或者你認為在 23 年的資金中可以完成一些事情嗎？

I'll start with NET Power. We started looking at NET Power about over 2 years ago, almost 3 years ago. The reason we like it is because the physics and the technical aspect of how it works is impressive. And as we've -- I know mentioned on this call before, it's really the only source of emission-free power technology that uses hydrocarbon gases. And with hydrocarbon gases being so plentiful in the United States and in other areas of the world, we felt that a technology that actually can continue to use gas, hydrocarbon gas for the generation of power is going to be incredibly transformative for the power industry, not just here in the United States, but internationally as well.

我將從 NET Power 開始。大約 2 年多前，大約 3 年前，我們開始關注 NET Power。我們喜歡它的原因是因為它工作原理的物理和技術方面令人印象深刻。正如我們 - 我知道之前在這次電話會議上提到的那樣，它確實是使用碳氫化合物氣體的無排放電力技術的唯一來源。由於碳氫化合物氣體在美國和世界其他地區如此豐富，我們認為一種實際上可以繼續使用天然氣、碳氫化合物氣體發電的技術將對電力行業產生難以置信的變革，不僅在美國這裡，而且在國際上也是如此。

And when you look at it, it combines hydrocarbon gases, combust hydrocarbon gases with oxygen instead of air. So you have no volatile organics, and the CO2, which has created drives the turbine and then it's captured on the -- as part of the process. So it does all the things that we needed to do and that other companies will need as well. And you look at the Appalachia, all the gas there, the gas of the Haynesville, the gas in the Permian and the DJ, it creates a lot of opportunity to build a lot of these things. Our confidence was bolstered also by the fact that we have now -- [Baker] is an equity owner in this process, and they are redesigning the turbines to make it more efficient. So when we are able to start building this, which should be in the 2026 timeframe or maybe a little bit before, we expect that the cost of this will be less than what a traditional power plant would be if you put carbon capture on it.

當你觀察它時，它結合了碳氫化合物氣體，用氧氣而不是空氣燃燒碳氫化合物氣體。所以你沒有揮發性有機物，而產生的二氧化碳驅動渦輪機，然後作為過程的一部分被捕獲。所以它完成了我們需要做的所有事情，其他公司也需要。你看看阿巴拉契亞，那裡所有的天然氣，海恩斯維爾的天然氣，二疊紀和 DJ 的天然氣，它創造了很多建造這些東西的機會。我們現在擁有的事實也增強了我們的信心 - [貝克] 是這個過程中的股權所有者，他們正在重新設計渦輪機以提高效率。因此，當我們能夠開始建造它時（應該是在 2026 年或更早的時間範圍內），我們預計它的成本將低於如果將碳捕獲放在傳統發電廠上的成本。

So it's a very flexible technology. We will be building the first 1 of those in the Permian Basin to provide power for our oil and gas operations, and then in the future, it will be 1 of the emission-free power sources that we use for our direct air capture units.

所以這是一種非常靈活的技術。我們將在二疊紀盆地建造第一批能源，為我們的石油和天然氣業務提供動力，然後在未來，它將成為我們用於直接空氣捕獲裝置的無排放能源之一。

Yes. The only thing I would add on net power, like Vicki said, we've started FEED on that first plant with the NET Power team, and getting that 2026 timeframe lines up very well to not only what we need for direct air capture, but it's a great fit for oil and gas operations to help decarbonize the power, obviously, that we have, but the other offtake of that is CO2 So as we look to really transition and be able to use more anthropogenic CO2, it's a great fit.

是的。關於淨功率，我唯一要補充的是，就像 Vicki 說的那樣，我們已經與 NET Power 團隊一起在第一家工廠開始了 FEED，並且讓 2026 年的時間框架非常符合我們直接空氣捕獲所需的時間，而且它非常適合石油和天然氣業務，以幫助脫碳，顯然，我們擁有，但另一個輸出是 CO2 因此，當我們希望真正過渡並能夠使用更多的人為 CO2 時，它非常適合。

So the -- on the DAC, and Vicki can help with this, too. I think we continue to think about funding, not only for DAC1, but especially for DAC2 and beyond, to reiterate that is absolutely our plan. We know that with commercial development success as we go beyond Plant 1, we really will need that financial support to be able to develop as we see the market growing for us to fit into. So I think we want to continue to progress this year. Obviously, we'll give updates on any of that as it comes forward. But meaningfully, as I answered earlier, kind of the market or the CDR sales cost progress on the project and then kind of how we think about the capitalization as we go forward. We want to be prepared as we go late this year and into next year to be able to give meaningful updates as that project continues.

所以 - 在 DAC 上，Vicki 也可以提供幫助。我認為我們會繼續考慮資金問題，不僅是 DAC1，尤其是 DAC2 及以後的項目，重申這絕對是我們的計劃。我們知道，隨著我們超越 1 號工廠的商業開發成功，我們確實需要財務支持才能發展，因為我們看到市場不斷增長以適應我們的需求。所以我認為我們希望今年繼續取得進展。顯然，我們會在任何內容出現時提供更新。但有意義的是，正如我之前回答的那樣，某種市場或 CDR 銷售成本在項目上取得進展，然後是我們在前進過程中如何考慮資本化。我們希望在今年晚些時候和明年開始時做好準備，以便能夠隨著該項目的繼續進行有意義的更新。

And I guess what I would like to add that too...

我想我也想補充一點……

Okay. That's clear enough.

好的。這很清楚。

Sorry, Leo. One thing I'd like to add to that is that as we look at what the cost of this is going to be for us and what funds we will have to provide out of our free cash flow basically, it would be in the $500 million to $600 million range. It wouldn't be a lot more than that over the next 2 to 3 years. So I want everybody to understand that, looking forward, our capital program for our oil and gas development, chemicals, midstream, the corporation's capital is going to be invested in a way that, that fits with the priorities that we've established, one of which, and as important as any of the others, is investing in ourselves. That is the repurchase of shares. That's a big part of our cash flow priorities. And I want to make sure that people don't think that we're going to, in the future, have capital spending so much that we can't accomplish that.

對不起，利奧。我想補充的一件事是，當我們審視這對我們的成本以及我們必須從我們的自由現金流中提供哪些資金時，基本上是 5 億美元到 6 億美元的範圍。在接下來的 2 到 3 年內，它不會比這個多很多。所以我想讓每個人都明白，展望未來，我們的石油和天然氣開發、化工、中游的資本計劃，公司的資本將以一種符合我們已經確定的優先事項的方式進行投資，一個其中，與其他任何一項一樣重要的是投資於我們自己。那就是回購股票。這是我們現金流優先事項的重要組成部分。我想確保人們不會認為我們在未來會有如此多的資本支出，以至於我們無法實現這一目標。

For example, last year, we -- out of the [$17.5] billion of cash that we had available to those 3 buckets, the debt reduction, share repurchases and capital programs, 57% went to debt reduction, 17% to share repurchases and 26% to our capital programs. If we had a similar situation with that kind of cash, 40% would go to capital programs, but 55% would go to share repurchases, and potentially up to 5% for debt reduction. So this is something that we're very committed to is not to let our capital grow to a point where it's not a -- we're not able to buyback shares at the level that we really need to do.

例如，去年，我們 - 在我們可用於這 3 個桶的 [175 億美元] 現金中，債務減少，股票回購和資本計劃，57% 用於減少債務，17% 用於股票回購和26% 用於我們的資本計劃。如果我們對這種現金有類似的情況，40% 將用於資本計劃，但 55% 將用於股票回購，並且可能高達 5% 用於減少債務。因此，我們非常致力於不讓我們的資本增長到我們無法以我們真正需要的水平回購股票的程度。

Okay. Very thorough answer. Very much appreciate that, guys. And then just a follow-up on your comment on sort of chemicals. EBITDA on the expansion over time kind of eventually kind of getting to this $300 million to $400 million as we get towards ['26]. You mentioned in the prepared comments that you could start seeing some as soon as late '23. Can that number kind of start to be significant even as early as 2024? Could we get something even like 1/3 of that potential EBITDA next year? Just trying to get a sense of how that would ramp over time.

好的。非常徹底的答案。非常感謝，伙計們。然後只是跟進您對某種化學品的評論。隨著時間的推移，EBITDA 的擴張最終會達到 3 億至 4 億美元，因為我們正朝著 ['26] 邁進。您在準備好的評論中提到，您最早可以在 23 世紀末開始看到一些。這個數字是否可以在 2024 年就開始顯著？明年我們能否獲得潛在 EBITDA 的 1/3？只是想了解這將如何隨著時間的推移而增加。

Yes. Leo, the early days contribution from that is going to be from the smaller expansion project. It's in the $50 million EBITDA range. The $250 million to $350 million number we've given for the battleground project that's out beyond the project in 2026.

是的。 Leo，早期的貢獻將來自較小的擴展項目。它在 5000 萬美元的 EBITDA 範圍內。我們為戰場項目提供的 2.5 億至 3.5 億美元的數字超出了 2026 年的項目。

The next question comes from Roger Read from Wells Fargo Securities.

下一個問題來自 Wells Fargo Securities 的 Roger Read。

Yes. Maybe just 1 quick 1 to clarify off your comment, Vicki, to Leo's question about the CapEx, the $500 million to $600 million per year. That's inclusive of NET Power and DAC or just 1 or the other? I was just want to make sure I understood that.

是的。也許只是 1 快速 1 澄清你的評論，Vicki，Leo 關於資本支出的問題，每年 5 億到 6 億美元。這包括 NET Power 和 DAC 還是僅包含其中之一？我只是想確保我理解這一點。

That's all of our low carbon ventures capital. And that is assuming that we don't bring in a partner. And we are having some really good conversations with -- in fact, with -- 1 with a preferred partner that could materialize maybe sometime this year or if not this year or next year. So we do expect to get some funding. But what we want to make sure we relate to you guys is that, if we don't, that's the maximum of spend that we would have. Otherwise, we're looking at potentially having a lower spend than that with a partner.

這就是我們所有的低碳風險投資。這是假設我們不引入合作夥伴。我們正在與 - 事實上，與 - 1 與首選合作夥伴進行一些非常好的對話，這可能會在今年某個時候實現，或者如果不是今年或明年。所以我們確實希望獲得一些資金。但我們想要確保我們與你們相關的是，如果我們不這樣做，那就是我們將擁有的最大支出。否則，我們正在尋找可能比與合作夥伴的支出更低的支出。

Okay. I appreciate the clarification. And then my other question, and this ties into the goal of maintaining the $4 of common repurchase on an annual trailing basis. None of us know what commodity price is going to be. You've got -- as pointed out in the presentation, right, 1 of the largest acreage holdings in the U.S. We've seen some of the other upstream companies trimming back a little bit or identifying some things as, I guess, we could call it noncore or something they simply won't be drilling and completing anytime soon.

好的。感謝您的澄清。然後是我的另一個問題，這與在年度追踪基礎上維持 4 美元的普通回購目標有關。我們都不知道商品價格會是多少。你已經 - 正如在演示文稿中指出的那樣，對，美國最大的種植面積之一。我們已經看到其他一些上游公司略微削減或確定一些東西，我想，我們可以稱之為非核心或他們根本不會很快鑽探和完成的東西。

So is there any acreage or other type of asset sales proceeds could be used to sort of plug those gaps if they arise or to offset the lumpiness that's coming forward? Just anything you can offer on that front would be appreciated.

那麼，是否有任何面積或其他類型的資產出售收益可用於填補這些缺口（如果出現缺口）或抵消即將出現的塊狀？您可以在這方面提供的任何東西都將不勝感激。

Well, one of the things we do is we're always looking at how do we make the best value decisions? And when you -- when we think about divestitures, being a source for funding to continue the repurchase and the redemption of the preferred, that's certainly an option that we would consider. We -- the reality of where we are today though is that our position is large. And when you do the relative valuations of divesting versus for the continuation of this program, you have to make sure that you're making the right decision there. And I would say there's smaller things that would be optional for us to potentially do, whether it would be large enough scale to continue it is the question at this point. But we are considering other options that I doubt would mature and soon enough to be able to meet the [clip] that we're facing right now.

好吧，我們所做的其中一件事就是我們一直在研究如何做出最佳價值決策？當你——當我們考慮資產剝離時，作為繼續回購和贖回優先股的資金來源，這當然是我們會考慮的一個選擇。我們 - 我們今天所處的現實是我們的位置很大。當你對剝離與繼續這個項目進行相對估值時，你必須確保你在那裡做出了正確的決定。我想說的是，我們可以選擇做一些更小的事情，它是否足夠大以繼續它是目前的問題。但我們正在考慮其他選項，我懷疑這些選項會很快成熟並能夠滿足我們現在面臨的[剪輯]。

(Operator Instructions) There are no more questions in the queue. This concludes our question-and-answer session. I would like to turn the conference back over to Vicki Hollub for any closing remarks.

（操作員說明）隊列中沒有更多問題。我們的問答環節到此結束。我想將會議轉回給 Vicki Hollub 作任何閉幕詞。

I just talked to say in closing that I know there's been a lot of concerns among investors in the -- in our industry, particularly with respect to asset quality, execution, performance. And as Doug had pointed out, I wonder if that's part of the reason for the reaction to what we're seeing today. But looking at our asset quality, I think there's nobody that could question the quality of our assets. And you look at our past performance, I also think that our continuing improvement in well productivity in the Permian and some data that we'll show next earnings call about our performance in the Rockies, will clearly show that we're not losing any capabilities. We're not losing any performance. And in fact, looking at what our teams are doing technically today, they continue to innovate, continue to optimize. And with the mention of a new technique in the DJ, there are also new ways of doing things that we're trying in the Permian as well as in our Oman operations, Gulf of Mexico with the subsea pumping and systems installations, starting to look at our seismic differently.

我剛剛在結束時說，我知道在我們這個行業的投資者中有很多擔憂，特別是在資產質量、執行和績效方面。正如道格所指出的那樣，我想知道這是否是對我們今天所看到的情況做出反應的部分原因。但看看我們的資產質量，我認為沒有人可以質疑我們資產的質量。你看看我們過去的表現，我還認為我們在二疊紀的油井生產率持續提高，以及我們將在下一次財報電話會議上展示的關於我們在落基山脈的表現的一些數據，將清楚地表明我們沒有失去任何能力.我們沒有損失任何性能。事實上，看看我們的團隊今天在技術上所做的事情，他們不斷創新，不斷優化。隨著 DJ 中提到的一項新技術，還有我們正在嘗試的新方法，我們正在二疊紀以及我們的阿曼業務中嘗試，墨西哥灣的海底泵送和系統安裝，開始尋找在我們的地震不同。

I think that for our company, we have not seen degradation in the quality or performance of our teams. And I want to thank our teams for that because they continue to push the envelope and every year get better and better. And so I don't think there should be any concern about where we are today and what we're doing is it's just a kind of a strange scenario where, in second quarter, it happens to be the lowest of the year, but our production and productivity is continuing to get better.

我認為對於我們公司來說，我們沒有看到我們團隊的質量或績效下降。我要為此感謝我們的團隊，因為他們不斷挑戰極限，而且每年都變得越來越好。因此，我認為我們今天所處的位置和我們正在做的事情不應該有任何擔憂，這只是一種奇怪的情況，在第二季度，它恰好是一年中最低的，但我們的生產和生產力正在持續好轉。

So with that, I want to thank you all for participating in the call today.

因此，我要感謝大家參加今天的電話會議。

Conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連接。